Statute Details
- Title: Trustees (Authorised Unit Trust Scheme) (No. 20) Order 2002
- Act Code: TA1967-S288-2002
- Legislation Type: Subsidiary legislation (SL)
- Authorising Act: Trustees Act (Cap. 337)
- Key Enabling Provision: Section 83 of the Trustees Act
- Enacting Date / Made Date: 19 June 2002
- Commencement: Not stated in the extract (practitioners should confirm from the official publication)
- SL Number: SL 288/2002
- Current Status (per provided extract): Current version as at 27 Mar 2026
- Key Section(s): Section 2 (authorisation of specific unit trust funds)
What Is This Legislation About?
The Trustees (Authorised Unit Trust Scheme) (No. 20) Order 2002 is a targeted Singapore legal instrument that authorises specific investment funds to be treated as “authorised unit trust schemes” under the Trustees Act. In practical terms, it is not a broad regulatory framework; rather, it is a formal designation order that identifies particular unit trust funds that qualify for the statutory regime applicable to authorised schemes.
Under the Trustees Act, certain unit trust schemes may be recognised for purposes of the Act, enabling them to be offered and administered in a manner consistent with the statutory requirements for authorised schemes. This Order is one of a series of such designation instruments. It names two funds—Schroder US$ Annual Income Fund I and Schroder US$ Annual Income Fund II—and declares them authorised for the purposes of the Act.
For lawyers, the significance of such an order lies in its legal effect: once a fund is declared an authorised unit trust scheme, it can fall within the scope of statutory permissions, compliance expectations, and investor/professional dealings that depend on that classification. The Order therefore operates as a legal gateway document for those particular funds.
What Are the Key Provisions?
Section 1 (Citation) provides the short title of the instrument: “Trustees (Authorised Unit Trust Scheme) (No. 20) Order 2002.” While this appears procedural, citation provisions matter for legal referencing, drafting of agreements, regulatory filings, and litigation or compliance documentation.
Section 2 (Authorised unit trust schemes) is the substantive provision. It declares that the following funds are “authorised unit trust schemes for the purposes of the Act”:
(a) Schroder US$ Annual Income Fund I; and
(b) Schroder US$ Annual Income Fund II.
This is a classic “designation” structure: the Order does not itself set out ongoing operational requirements (such as valuation, custody, disclosure, or trustee duties). Instead, it identifies the specific funds that are brought within the statutory category of authorised schemes. The ongoing obligations and consequences flow from the Trustees Act and related regulatory instruments that apply to authorised unit trust schemes.
Enacting formula and ministerial power: The Order is made “in exercise of the powers conferred by section 83 of the Trustees Act.” This indicates that the Minister for Law has statutory authority to declare particular funds as authorised unit trust schemes. For practitioners, this is important when assessing the validity of the designation, the scope of ministerial discretion, and the legal basis for the classification.
Made date and signature: The Order states it was made on 19 June 2002 by Alan Chan Heng Loon, AG Permanent Secretary, Ministry of Law. The signature and date provide the formal record of enactment and are relevant when determining the timeline of authorisation and whether a fund was authorised at a particular time for legal purposes.
How Is This Legislation Structured?
This Order is extremely concise and consists of an enacting formula and two operative sections.
Section 1 is the citation provision. Section 2 contains the list of authorised unit trust schemes. There are no schedules or detailed subsections in the extract provided, and no additional parts are indicated. The structure reflects the legislative technique of using subsidiary legislation to make specific designations under a broader enabling statute.
From a drafting and compliance perspective, the brevity means that practitioners should not treat the Order as a complete statement of the legal regime. Instead, it should be read together with the Trustees Act (especially section 83 and the provisions that govern authorised unit trust schemes) and any other relevant subsidiary legislation or regulatory guidance that operationalises the statutory framework.
Who Does This Legislation Apply To?
The immediate legal effect of the Order is directed at the named funds: Schroder US$ Annual Income Fund I and Schroder US$ Annual Income Fund II. In other words, the “authorised unit trust scheme” status attaches to those funds, not generally to all unit trusts or all market participants.
However, the practical reach extends beyond the funds themselves. Once a fund is authorised under the Trustees Act, the classification can affect how trustees, custodians, intermediaries, and investors interact with the scheme in reliance on the statutory category. For example, trustees or other persons subject to the Trustees Act may be permitted—or required—to deal with authorised unit trust schemes in particular ways, depending on the Act’s provisions. Accordingly, the Order is relevant to:
- the fund manager and trustee(s) responsible for administering the named schemes;
- persons who must ensure that investments fall within permitted categories under the Trustees Act framework;
- legal advisers reviewing whether a particular fund qualifies as an “authorised unit trust scheme” for compliance purposes.
Practitioners should also consider whether the authorisation is tied to the fund as constituted at the time of the Order, and whether subsequent changes (e.g., name changes, restructuring, or changes in scheme terms) could affect whether the authorisation remains applicable. The Order itself does not address such issues, so due diligence should include checking the latest version and any amendment history.
Why Is This Legislation Important?
Although the Order is short, it can be highly consequential in legal practice. Authorised unit trust scheme status is often a prerequisite for certain statutory permissions and for meeting investment constraints that arise in trust administration, fiduciary investment policies, and regulated dealings. In practice, lawyers frequently need to confirm whether a given fund is “authorised” under the relevant statute before advising on trustee investment powers, suitability, or compliance with statutory investment rules.
From an enforcement and risk perspective, the designation reduces ambiguity. Without an authorisation order, a fund might be treated as a non-authorised scheme for the purposes of the Trustees Act, potentially triggering restrictions or requiring additional legal steps. The Order therefore functions as a legal confirmation document that can be relied upon in compliance checklists, investment committee papers, and contractual representations.
Finally, the Order illustrates how Singapore uses subsidiary legislation to implement targeted authorisations. For practitioners, this matters because it informs how to research and verify legal status: rather than looking for detailed scheme-by-scheme requirements in the Order, counsel should locate the relevant authorisation order and then cross-reference the substantive obligations in the Trustees Act and any applicable regulatory framework.
Related Legislation
- Trustees Act (Chapter 337) — in particular, section 83 (power to declare authorised unit trust schemes) and the provisions governing the legal consequences of being an authorised scheme.
Source Documents
This article provides an overview of the Trustees (Authorised Unit Trust Scheme) (No. 20) Order 2002 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.